Seismic Data over Paraguayan Block is of 'Excellent Quality'

South America-focused junior oil firm President Energy reported Monday that seismic data acquired over its Hernandarias Block in the Chaco region of Paraguay "is of excellent quality".

President said that it is already clear from the data that several drillable Paleozoic prospects exist at between 8,200 feet and 9,845 feet – with these being at around a 3,200-foot shallower depth than the Lapacho and Jacaranda wells drilled last year.

The firm added that its management team is now carrying out a careful analysis and peer review before announcing the full results, together with prospective resource estimates. Before an announcement is made about these estimates, the firm first expects to brief the relevant Paraguayan regulatory authorities and ministries in October.



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